Mortgage Rates 3-5-14

What will mortgage interest rates do tomorrow? Rates should stay the same, according to mortgage professionals voting on our daily poll.

ISM reported this morning that service sector growth dipped to a four year low last month, from 55.4% to 47.5%. Disappointing news especially when coupled with ADP's report that service added only 120K new jobs last month, which represents a drop in year-over-year gains. Bad weather is still largely to blame for the bad numbers, according to ISM.

Look out for tomorrow's Jobless Claims as well as the European Central Bank press conference, and most notably, Friday's Jobs report.

Recap: The second GDP reading for Q4 2013 showed a disappointing 2.4%. The initial reading had been 3.2% and well beneath Q3's 4.1%. The drop is being attributed to weak consumer spending and commercial export data, an indicator of still turbulent economic recovery. Additionally, many factors that detract from GDP growth saw gains: federal, state, and local government spending; residential fixed investment; and imports.